Multiple Choice
If a Production Possibilities Frontier intersects an isorevenue line at two points, then:
A) there are two choices of maximum revenue output combinations
B) profits could be higher on a higher isorevenue line
C) there is a lower isorevenue line where the PPF will intersect at only one point
D) no maximum revenue combination is possible
Correct Answer:
Verified
Correct Answer:
Verified
Q1: If ΔY<sub>2</sub>P<sub>2 </sub> > ΔY<sub>1</sub>/P<sub>1</sub> then:<br>A) the
Q2: A point located inside the PPF is:<br>A)
Q3: Use graphs to demonstrate a PPF with:
Q4: We have been involved with "the economic
Q6: A typical Production Possibilities Frontier is:<br>A) convex
Q7: In equilibrium:<br>A) the slope of the PPF
Q8: Technological change in agriculture is a result
Q9: The MRPS is equal to:<br>A) ΔY<sub>2</sub>/ΔY<sub>1</sub><br>B) ΔX<sub>2</sub>/ΔX<sub>1</sub><br>C)
Q10: Graph the optimal combination of the outputs
Q11: The isorevenue line is:<br>A) concave to the